Banks cut interest rates on some home loans

Mumbai, Dec 15 (IANS) State-run commercial banks Monday cut interest rates on home loans up to Rs.2 million (Rs.20 lakh/$40,000), with several other benefits like nil processing fee and free life insurance.Home loans of up to Rs.500,000 will invite an interest rate of 8.5 percent and those up to Rs.2 million will attract an interest rate of 9.25 percent, State Bank of India (SBI) chairman O.P. Bhatt told a press conference here.

The incentives, being offered by all public sector banks, will be available till June 30, 2009, he added.